Dow smashes record as US stocks surge
THE Dow Jones Industrial Average soared to an all-time record high on Tuesday, passing the five-year-old mark to leave behind the deep losses of the economic crisis.
At the closing bell the Dow was up 128.02 points for the day, a 0.91 per cent gain, to 14,255.84, easily beating the former closing record of 14,164.53 set on October 9, 2007.
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traders are laughing and popping champagne..
but its only 30 companies..thats all..its not an economic indicator of the average Americans wealth or prosperity..
look here if you dont believe me: https://seeker401.wordpress.com/2013/03/06/wealth-inequality-in-america-you-must-see-this/
401
http://genevabusinessinsider.blogspot.com/2013/03/the-bernanke-high.html
This guy gives good insight.
“They fail to mention a few troubling little details about the US economy now, compared with then in 2007:
GDP Growth: Then +2.5% without QE; Now +1.6% with 1 Trillion QE
Americans Unemployed (in Labor Force): Then 6.7 million; Now 13.2 million
Labor Force Participation Rate:Then 65.8%; Now 63.6%
Americans On Food Stamps: Then 26.9 million; Now 47.69 million
Size of Fed’s Balance Sheet: Then $0.89 trillion; Now $3.01 trillion
US Debt as a Percentage of GDP:Then ~58%; Now over 100.0%
US Deficit (LTM): Then $97 billion; Now $975.6 billion
Total US Debt Oustanding: Then $9.01 trillion; Now $16.43 trillion
Adjusted for inflation over the last 5 years the new “high” is still well below the 2007 level in purchasing power terms.
These figures do not take into account the stagnation in the real estate market, where shadow inventory will weigh on the market for years to come, despite the gross misrepresentations in this regard from the NAR (National Assoc of Realtors).”
thats what i am talking about! good link thanks..